the growth of fintech in hong kong - calastone · fintech journey jul14 first fintech accelerator...
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The Growth of FinTech in Hong KongPatricia Yeung, Senior Manager of FinTech, Invest Hong Kong
© 2018 Calastone Limited
Asia’s Largest Financial Center and Gateway to China
Q2 2018
Hong Kong
Calastone Conference 2018
17.7%of
HKG GDP
6.7%of
workforce
12%of
export
Fundamentals of financials services
in HK economy
Fundamentals
• Global Financial Center
• #1 Asset Management hub in Asia. Fund management business USD1.6Tr - 2016
• Offshore RMB CenterRMB trade settlement handled by HK banks : RMB 4.4 Tr – 2017
• #1 insurance hub in Asia159 authorized insurers. #1 Asia #2 Globally - Insurance density (premium / capita) USD7.679 – 2016
• #1 most competitive economyIMD 2017
• China In / Outbound Gateway
• FinServ Renovation
- evolution
• 157 Licensed Banks
• 2.9% unemployment rate
• Regional Connectivity– Greater Bay
– One Belt One Road initiatives
Fintech Journey
Jul 14
First FinTechAccelerator
Nov 14
INVESTHK StartmeUpHong Kong FinTech Day
Feb 15
Government
Budget Speech
4 Liaison Offices
2016
HKMASandboxSVFLicensesSFC - cross border accopening
HK Fintech weekCyberport 4000m2
Fintech space
2018 +
Belt & Road Initiative
Faster Payment System
VirtualBank license
Cross border Fintech week
Trade Finance Blockchain
Standardized QRcode
2017
Fintech Association
3 Sandboxes
Greater Bay Area
2014 2015 2016 2017 2018
An organic FinTech ecosystemPrivate sector led
Supported by Government
Growth
150+
FinTech
Start-ups
200+
FinTech Events
3
Sandboxes
4
liaison offices
2
FinTech
Poles of excellence
5
FinTech
Accelerators
Big 4 consulting
FinTech
leadership in HK
Belt & Road
Blockchain
consortium
FinTech
universities
Programs
Government Initiatives
• FinTech in Hong Kong is private sector led +
• Government supports the sector via :
• FSTB Fintech Coordination Group and initiatives
• HKMA Fintech Facilitation Office & SFC FinTech Contact Point –
Poles of excellence
• InvestHK hosts HK FinTech Week + Fintech Finals networking events series
• Government FinTech R&D funding schemes / FinTech Labs
Government Supports examples :
• Tech vouchers Scheme: HKD 200,000 for Hong Kong non-listed enterprises of all sizes to
upgrade their business
• Internships Scheme (For Cyberport and HKSTP’s incubatees & Tenant): Employ a local
graduate and receive up to HKD19K/month for maximum 2 years to support your R&D efforts.
• R&D : Up to HKD 10,000,000 support by HK government for R&D projects
• Investment : HKD 2 billion fund for co-investing in start-ups
• Talents : Training financial services professionals – max. HKD7,000 per head
• Innovations : HKMA sandbox with banks, R&D supports
FinTech Sectors Priorities
Cyber Security
RegTech
WealthTech
BlockChain
InsurTech
CrediTech
sandboxes.hk
• Faster Payment System (FPS)• Sandbox 2.0 • Fintech chatroom / Startup
access / interconnected SFC & IA
• Promotion of Virtual Banking
• Banking Made Easy initiative• API & Banks• Closer cross-border
Collaboration• Talent development
• Open to licensees and Start-ups
• Representative officer relevant industry experience.
• Interconnected HKMA & IA• Customer protection• Close monitoring• Exit strategy• Potentials : eKYC,
Cybersecurity, Blockchain.
• InsurTech Sandbox• Fast track for digital
distribution channels• InsurTech Facilitation
Team• on Embracing Fintech
Working Group• Potentials : eKYC,
Cybersecurity, Blockchain, A.I.
Greater Bay FinTech
A unique FinTech business pipeline
Big Bay Area: GDP US$1,328bn
A unique FinTech business pipeline
The Belt and Road Initiatives
65 CountriesAround 3 billion Population
Services of InvestHK
Free & confidential services :
1. Bank accounts - Working visas - Office space - Schooling
2. Introduction to regulators : SFC, HKMA, Insurance Authority
3. Introductions to HK innovation centers :
ASTRI / Cyberport / Science Park / Lok Ma Chau Loop
4. Networking opportunities
5. Business introductions
6. Government support schemes guidance
Fintech Week 2018
www.fintechweek.hk
Contact Us
Get in Touch Newsletter & Social Media
hongkong-
fintech.hk
@HongKongFinTech
APAC: Patricia YeungSenior Manager of Fintech, Hong Kong
Europe : Thorsten TerweidenDeputy Head (Fintech), London
Americas: Michal KaczmarskiSenior Manager of Fintech, San Francisco
Thank you!